Surrey and Fraser Valley real estate statistics for October can be summed up as a seller’s market fueled by low interest rates and strong consumer demand. Once again this month we see proof of an active housing market.
“BC continues to be an economic growth leader in our country and we’re seeing the impact of that in our housing market.”
~ Jorda Maisey, President of the Fraser Valley Real Estate Board
Here are five key takeaways from the recently published real estate stats package published by the Fraser Valley Real Estate board for communities including White Rock, South Surrey, North Surrey, Langley, North Delta, Cloverdale, Abbotsford, and Mission.
Homes sales processed up 22%.
1,772 sales were processed through MLS in October 2015 compared to 1,448 in October 2014.
Numbers show that housing sales near historic levels.
Fraser Valley October 2015 home sales are on par with October 2005, the previous high. Historically, October 2015 sales are only surpassed by October 1992 and 1989 markets.
High demand for “ground-oriented” homes in the Fraser Valley.
This month single family homes and townhomes captured 83% of residential market last month. The FVREB names the affordability of homes in the Fraser Valley as the biggest reason for this demand, in addition to low interest rates. In the Fraser Valley, families can afford to buy their own house.
Reduced active inventory of homes.
The total active inventory of real estate was down 26% this October, with 6,535 active listings compared to 8,807 active listings last October.
Sellers of single family detached homes have the upper hand.
In some areas in the Fraser Valley, active inventory of single family detached homes is down a third to half of what was available at this time last year. Fewer homes available means higher demand which impacted the average price for single detached homes throughout the Fraser Valley in October 2015:
- White Rock/ South Surrey: $1,327,674 (compared to $1,063,442 in Oct 2014)
- Surrey Central: $726,519 (compared to $639,976 in Oct 2014)
- Surrey – Cloverdale: $706,905 (compared to $594,497 in Oct 2014)
- North Surrey: $679,135 (compared to $592,840 in Oct 2014)
- North Delta: $771,510 (compared to $609, 331 in Oct 2014)
- Langley: $689,339 (compared to $634,469 in Oct 2014)
Big opportunity for condo buyers.
First time home buyers can seize the great opportunity of purchasing an apartment or condo and find superior selection and pricing. For example, a condo (on average) is up to $100,000 less than a townhouse. There are plenty of new and resale options available to condo buyers at this time.
Are you wondering how you can break into the highly competitive, seller dominated Surrey real estate market to buy your first home? Or are you considering the opportunity to sell your current home given the high demand and prices?
Call The Taylor Team of Sutton WestCoast Realty at 1-778-316-4290 or fill out our quick contact form to start considering your options.
You can read the entire FVREB News Release here.